HR 8485
117th Congress
House
Finance and Financial Sector
Administrative law and regulatory procedures
Consumer Financial Protection Bureau
Consumer affairs
Consumer credit
Housing finance and home ownership
Expanding Access to Credit through Consumer-Permissioned Data Act
Everywhere this bill has been
4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 27, 2022
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 28 - 23.
Jul 27, 2022
Committee Consideration and Mark-up Session Held.
Jul 22, 2022
Referred to the House Committee on Financial Services.
Jul 22, 2022
Introduced in House
Plain-English summary
Expanding Access to Credit through Consumer-Permissioned Data Act
This bill requires the consideration of additional credit information by a mortgage lender when evaluating a consumer's creditworthiness if a consumer requests that this information be considered. This additional information includes current payment and transaction information such as bank statements and rental payment history.
Mortgage lenders must provide notice to mortgage applicants of their rights under this bill.
Additionally, federal agencies that insure, guarantee, supplement, assist, or underwrite federally backed mortgage loans must also comply with these requirements.
What's happening now
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 28 - 23.
Committees of jurisdiction
1